Pretending that he earns huge profits in the share market, Nitin Narke lured thousands of naive investors in Pune. He promised them to give 10 per cent returns per month - in cash - if they invest in the share market through him. Tempted to earn easy money every month, thousands of investors gave thousands of crores to Narke. Only against the security of a postdated cheque.

For the first few months, Narke went on giving 10 per cent returns. Those who received cash, brought in their friends, relatives, colleagues, and coworkers. However, suddenly Narke stopped giving monthly returns. Investors got upset. They deposited his security cheques in their banks. Narke's cheques bounced. Investors panicked. Ransacked his office. Lodged police complaint. Police caught him at his office in Magarpatta. But Narke got out on bail. Started running his business as if nothing has happened.

Helpless investors joined hands. Started meeting regularly. Went on trying all possible ways to recover their money. Even approached SEBI. Which refused to interfere in the matter conducted under the name of a different company. Investors had lost face. Some lost faith and committed suicide. Others went on living. Avoiding to face their near & dear ones. Looking at Nitin Narke moving around in his fancy SUV.

"How can someone believe in 10 per cent per month returns?," I asked Mr. Vijay Sagar.

"Isn't it financially & practically impossible to get such high returns in share market?," I asked.

"Still you invest in property - as if the builder's real business is to make you rich," said Mr. Sagar.

"But isn't it risky to give your hard earned money against the postdated cheque?," I asked.

"Are the clauses in the flat agreement to protect you or the builder?," said Sagar and added that,"At this point of time, there is no point in talking about ponzi scheme. Let us focus on how to recover money lost in ponzi scheme"

The first step is, to collect data of all duped investors. Then let us form a task force to lead the campaign. Mr. Sagar went on explaining the strategy to recover money. And I realized why Vijay Sagar invited me for this meeting. Scams may be different but the ways to recover your lost money are the same. Today it is about investing in share market. Tomorrow it will be about investing in proposed N A Plot!

Yesterday, I read Mr. Vijay Kumbhar's blog on chit fund scams. Mr. Kumbhar has held government agencies responsible for these ponzi schemes. When I talked to Mr. Kumbhar about 'Proposed N A Plots Schemes in & around Pune', he said that the government agencies' negligence becomes protection for those who sell agriculture land to investors. Naive investors don't realize that it's a "scam". Not an investment offer!

"Government agencies negligence or reluctance to stop - is taken as recognition - and investors believe that at some point of time this agricultural land will be converted to Non Agriculture - N A. Not only that - the land developers announce that - soon - the government is going to change the present agriculture zone into residential zone - still the government agencies keep mum! Now, tell me, who is responsible for these Proposed N A Plots Scams?," said Mr. Kumbhar.

"OK. Let us assume that from tomorrow government agencies stop ignoring Proposed N A Plots Schemes. Then what will happen?," I asked.

"The court will cancel all 'documents' of Proposed N A Plots Schemes - because -
1 - In Maharashtra, only a farmer can buy agriculture land.
2 - You can not divide agriculture land into small portions - pieces - into 1,000 - 2,000 - 3,000 sq.ft. plots!," said Mr. Kumbhar.

"And - as predicted by the developer - let us assume - down the line - the zone becomes residential and land gets N A Order - then what will happen?," I asked.

"Then 2 things can happen.
1 - the original land owner will bring stay order on the scheme from the court - alleging that the developer has committed some fraud - the documents were forged or something like that - it happens all the time - we read these news items every day.
2 - at gun point - the developer will force all investors to surrender their plots - of course, against non negotiable - fixed compensation - to some builder - that's how the land was procured for the schemes in Wakad, Baner & Balewadi - we all know!," said Mr. Kumbhar.

"It means that - from today itself - the investors should start considering - how to recover money lost in proposed N A Plots schemes!," I said.

What say you?
Are you going to wait till you are officially duped or
trying to get your money back today?
Please, share your plan in the comments.

Whatever may be your decision, please, save this contact information now -

27 comments:

looking at the current scenario and after talking to a few builders it is more than evident that, a "generation" has gone crazy for making quick and big money. law of nature will take it's own course and bring this "generation" to the fundamentals.... anything that grows like a mushroom also dies like one.

Thanks for the info.I have been following your blogs since long.It is clearly visible and understood that in Pune real-estate is a business with all benefits and profits to builders with home-buyer at mercy of builders.In such scenario,what do genuine home-buyers do? what should be their criteria in selecting projects?Who are the reputed builders in Pune? Your articles do give us the clear picture but not the possible solution(or may be I missed that) to overcome these problems because at the end,a middle-class person who wants to settle in Pune,needs a home and then again he need to go to these builders only to be played by them :(

Thanks Ravi for such a good article....This will open eyes of many who are looking to invest and who already duped.....Beauty of the article is it clearly puts facts on table with example of Wakad, Baner, Balewadi and supports from Grahak Margadarshan Kendra to get out of it...

Thanksthis post owesome for me.Copper swung between gains and losses as investors weighed the outlook of the U.S. Federal Reserve’s stimulus policy against recent signs of recovery in economies from the U.S. to China.About me ..Follow these..

It feels good to get what you needed for your Real Estate Investments Australia. Gathering up what you needed is important to ensure that you will not get into trouble with this business. Information should be gained to ensure that your business will continue to grow and be established well.

1. Firstly, agri land dealing happens only between farmers, a non-farmer can have some kind of mutual agreement like "power of atorney" BUT the original property documents still lie under the name of Original owner, Farmer. This gives him complete authority to resale it to any third party, for which you may not have any claim. 2 reasons for claim issues... u do not have your name onto 7/12 extract, secondly your purchase is illegal, you were not authorized to purchase it.2. The minimum deal of agri plot is 11,000 sq feet. these so called proposed NA plot sellers give you 1500 sft, 2000, 4000, sft plots. BUT at actuals,, the document that gets prepared is like 4-5 people per 11,000 sft of minimum plot area. Even if you get a genuine deal and want to en-cash in future, the problem is "you need approval from all the 4-5 members who are listed under the 7/12 extracts" Else the option is to return land to the original developer at his defined price, or else follow the out of way of "power of attorney" which again creates loop. If the new purchaser is intelligent enough, he wont do the deal, and finally you have no choice to sell the land to the Original developer. And if you hear them clear, they do mention of buy back of land.... buddy what for ???

Key Kora kagaz,,, Just ask the management about individual 7/12 extracts and see the response. Additionally, if you want to keep this plot for your personal use, the legal FSI is just 4 % of your available plot area. so for a mere 400 sft built-up bungalow / row house,,, you need to have a 10,000 sft of land.additionally you can refer my response for one of above post.

I am one IT girl who IGNORED all the complaints against SAIRUNG DEVELOPERS posted on different web sites and still went ahead to purchase a plot with them trusting them blindly and today I am running after Consumer Courts and Police Station after getting badly cheated by them. I can only say one thing:

Don’t purchase plots from SAIRUNG DEVELOPERS. They are BIG CHEATERS.You will LOSE your HARD EARNED MONEY. There are many CASES filed against them in CONSUMER COURT and in PUNE POLICE Station.All those good comments you see posted about SAIRUNG are by their own staff., never go by them.For how they cheat, just go to the courts and police station and ask for the file cases., you will see many.

I was so tempted to purchase a plot in MARUNGI Road near LIFE REPUBLIC looking at the appreciation it will earn me and now I am suffering very badly.There are many groups in YAHOO, REDIFF, IndiaRealEstateForum, OLX, FB where people have shared all their BAD experiences they had with SAIRUNG DEVELOPERS.

I was actually tempted as I knew many people who purchased plots from SAIRUNG and earned good returns when they sold it off but the one who holds it finally will suffer as some of these people who approached the Municipality for constructing the houses were told clearly that none of these plots are legal, they come under MIDC and will never be given permission to construct houses.

So as long as it runs, SAIRUNG DEVELOPERS will keep cheating people and make MONEY. At the end of the day, people will have to run after Consumer Courts like me as these are CIVIL cases and no DIRECT POLICE action can be taken on them. I am BLEEDING.

The National Consumer Disputes Redressal Commission (NCDRC) has issued a notice to city-based Hemant Buddhiwant, proprietor of Trishul Builders for allegedly duping 114 people who bought flats at their Shalini Lake View residential project in Undri.On behalf of the victims, the Akhil Bhartiya Grahak Manch(ABGM) had moved the commission in May, this year, seeking a compensation of Rs 3.16 crore from the builder, besides Rs two lakhs as litigation cost.

He got three BIG awards for same illegal project, name ‘Shalini Lake View residential project’ in Undri, Pune City,

For since 2009 to 2013 they are NOT Taking any Stern & Concrete Action / Deliberate Dereliction / Non Performance of Their Duties – To PROTECT ACCUSED who are Rich & Powerful & they are BRIBING / USING POLITICAL INFLUENCE / LYING

Maharashtra Gov. and Police should take the action against Trishul Builder and has to be stop his all illegal constructions projectsGrahak Panchayat Pune Against Hemant Tukaram Buddhiwant proprietor of Trishul Builder